Signing Requirements
The principal is required to sign in the presence of two witnesses or a notary public. The agent has the option to complete the Agent Certification which requires signing in the presence of a notary public.[1][2]
Powers Granted
A principal may grant an agent the authority to do any or all of the things that the principal can do. This includes the power to manage things like:[3]
- Real property;
- Tangible personal property;
- Stocks and bonds;
- Commodities and options;
- Banks and other financial institutions;
- Operation of entity or business;
- Insurance and annuities;
- Estates, trusts, and other beneficial interests;
- Claims and litigation;
- Personal and family maintenance;
- Benefits from governmental programs or civil or military service;
- Retirement plans;
- Taxes; and
- Gifts.
Certain items including making changes to a trust, making gifts, and making healthcare decisions for the principal must be specifically mentioned for the agent to have authority over it.[4]
“Durable” Definition
“Durable,” with respect to a power of attorney, means not terminated by the principal’s incapacity.[5]
“Power of Attorney” Definition
“Power of attorney” means a writing that uses the term “power of attorney” and grants authority to an agent to act in the place of the principal.[6]
Revocation
A power of attorney terminates when:[7]
- The principal dies;
- The principal becomes incapacitated, if the power of attorney is not durable;
- The principal revokes the power of attorney;
- The power of attorney provides that it terminates;
- The purpose of the power of attorney is accomplished; or
- The principal revokes the agent’s authority or the agent dies, becomes incapacitated, or resigns, and the power of attorney does not provide for another agent to act under the power of attorney.
An agent’s authority terminates when:
- The principal revokes the authority;
- The agent dies, becomes incapacitated, or resigns;
- The principal and agent divorce or legally separate, unless the power of attorney otherwise provides; or
- The power of attorney terminates.